The Whole of Government Accounts consolidates the accounts of over 7,000 bodies across the public sector, including central and local government and public corporations such as the Bank of England, to produce an accounts-based picture of the UK’s public finances.

Under the Scheme, the Treasury guarantees that lenders to infrastructure projects will be repaid in full and on time, irrespective of project performance. The NAO is calling for the Treasury to be rigorous and objective in assessing whether the guarantees, which transfer risk to the public sector, are genuinely needed.